Raytheon Bosses Get Merger Windfall Amid Furloughs, Pay Cuts (1)

Raytheon Technologies Corp. Chief Executive Officer Greg Hayes spent weeks delivering grim news to employees about furloughs, pay cuts and hiring freezes as the coronavirus pandemic ravaged the economy.

“While many of these measures have been difficult, it is the right thing to do for the business,” Hayes said on a May 7 conference call with analysts as he outlined billions of dollars in cost reductions.

Just weeks later, the company tweaked terms for stock awards issued to Hayes and a large group of other managers, instantly boosting the value of their unvested awards by more than $100 million, according ...